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Ecuador Plans Budget Cuts, New Debt as Oil Drop Saps Revenue

Ecuador plans to cut spending next year by as much as $1.5 billion after prices for the country’s oil fell to a five-year low. The country not only plans to cut spending and investment, but it will also use credit lines from multilateral lenders to offset the low oil prices. The government has said it…

The Jackson School of Geosciences

CNN Dinero, December 10, 2014 In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) released information regarding their 2015 forecast demand for their group’s oil.  For 2015 the demand will drop to 28.92 million barrels per day, that is 280,000 bpd less than previously forecast. Our very own Jorge Piñon spoke with…

Latam countries launch plan to store carbon, fight global warming

On Sunday, eight Latin American countries announced an initiative to cut emissions that cause global warming. The initiative involves restoration of 20 million hectares of forest and farmland in order to use the land to store carbon in natural vegetation. The eight countries involved are Argentina, Columbia, Chile, Costa Rica, Ecuador, Guatemala, Mexico and Peru….

Here’s a tip for Venezuela

Here’s a tip for Venezuela

If Venezuela wants to make a comeback from their recent struggles, President Maduro must put the interest of the Venezuelan people, not ideology first, and do what is best for the country. by Houston Chronicle, December 5, 2014 The dramatic fall in oil prices is likely to cool off the booming Texas economy, but in…

Venezuela default risks spike

Venezuela default risks spike

The drops in oil prices has left Venezuela struggling financially, making default a real possibility, unless the government changes its ways. Piece-meal attempts at addressing fiscal shortfalls may allow the country to slide by short term, but long term solutions need to be found. by Paul Kilby and Davide Scigliuzzo, Reuters, December 5, 2014 NEW YORK,…

Petrobras, Eletrobras Win $1.23 Billion Contracts to Sell Power

At an energy auction in Brazil, PETR4 and ELET6 won contracts to sell almost 17,400 gigawatts-hours of electricity. The two companies will receive $1.23 billion under three-year contracts. The contracts will take effect at the start of 2015. by Vanessa Dezem, Bloomberg, December 5, 2014 Petroleo Brasileiro SA (PETR4) and Centrais Eletricas Brasileiras SA (ELET6) won…

China-Latin alliance could set tone for Lima climate summit

At the current U.N. summit in Lima, Peru, negotiations are underway to produce a new draft climate agreement that will be finalized in Paris next year. All countries involved are expected to put forward national contributions to the effort, including a reduction in greenhouse gas emissions. by Guy Edwards and Sophie Purdom, RTCC, December 5, 2014…

Venezuela’s Oil Industry Exodus Slowing Crude Production

Many skilled oilfield workers from Venezuela are relocating to other areas due to fallen wages in the country. As workers move away, oil production is dropping as slumping crude prices threaten the country’s export revenue. by Pietro D. Pitts and Andrew Rosati, Bloomberg, December 4, 2014 When Angel Fernandez, a former production engineer with Venezuela’s state-owned…

Wind energy production growing slowly in Peru

Wind energy production growing slowly in Peru

As Peru hosts a current U.N. summit, it is slowly working to reduce its carbon emissions. At this summit 200 countries are expected to make new environmental pledges before meeting again at a larger climate summit in Paris in 2015. Peru is currently trying to take advantage of the constant wind along the Peruvian coast…

Ecuador’s November oil output keeps 2014 forecast on track

Throughout the month of November, Ecuador has remained on track to exceed last year’s annual crude oil production. November output came up 3.3 percent year on year. Considering this year’s production and the targeted output for December, the country will average at least 553,182 b/d, creating a new record for the country. by Stephan Kueffner, Platts,…

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